Franchise opportunities for women

Franchising is an excellent career choice for women who want to embark on an exciting business journey, says Sarah Cook

It’s a big jump between being employed and running your own business. I often have this conversation with friends, colleagues and those who attend my marketing training workshops.

In fact, even as I write this my sister is considering the leap into business ownership and looking at her options. Business decision making is all around us.

Barriers
————

Opportunity is all around us as well. So is risk. I believe that the perceived risks to leaving employment create some of the biggest barriers for most people. However, the reality is often that once a business is set up and established, if the person running it has the right skill sets, support and chosen a sensible venture in a market of opportunity they should thrive.

The Times recently quoted that one in two new businesses fail in their first two years. Some might say that setting up and growing a successful business in today’s economic climate is becoming tougher. There are many reasons not to go into business. In addition, when you start discussing the idea with the people closest to you they will keenly jump on the ‘cautious’ bandwagon.

In reality, you need to look for and take advice from people who are doing what you hope to do. I recently saw a fantastic caption on an email footer that read: ‘I say recession is for wimps!’ This made me smile and I thought, yes, in many cases this is so true.

Women are often encouraged to become franchisees. Worldwide statistics show that women often make determined and successful franchisees, able to follow the systems and structures put in place. As a woman in business, I know what is required to be successful - a great idea, a market niche, good support, lots of hard work, common sense and a strong marketing orientation to get your product or service message heard. Most of all, you need to use the knowledge and experience of key people to strengthen your own skill set.

Crafted
————

In reality, few successful business partnerships develop over a pint in the pub - they are usually carefully crafted. The advantage for women looking at franchising in this way is that they can avoid the business mishaps and fast-track success. Consider bookkeeping, for example. There are many local independent bookkeepers who are kept busy doing the books for a handful of local businesses. The problem is, they haven’t thought ahead. They reach capacity quickly and then have no time to look for new business, as they are busy servicing clients they already have. They have to think of everything themselves, including their website, branding, business cards, letterhead, training requirements, which systems to use, telephone support and, most importantly, how to go to market.

In franchising, all this is done for you, you just need to follow the carefully mapped out processes, which have been devised because someone else has already made all the mistakes and found the best way forward. It’s business gold dust available for you to buy.

As well as Coconut Creatives, my marketing company, one of my other key businesses is a franchise called Rosemary Bookkeeping. With a record 18 months of network growth, this franchise has gone from strength to strength. This is mainly because the UK business community needs this service, so external economic factors affect this type of company far less.

I chose this for my company portfolio because it is a great business idea, with a proven system based on a successful business that was established in 2002. Clients love it because the bookkeeping system is built around charging per transaction rather than per hour, so they always know what they are paying for.

On a strategic director level, this business works like a jigsaw. My fellow directors are three successful, award winning entrepreneurs who specialise in the other fundamental areas this business needs to run successfully - accounting, finance, sales, operations, IT and, of course, bookkeeping. I complete the jigsaw with the last remaining missing link - marketing.

Research
————-

For women looking at franchising, a good place to start their research is with the British Franchise Association, which lists accredited franchisors. These franchisors have met particular standards and therefore are a safer consideration. Another relatively new yet reputable organisation to look at is Encouraging Women Into Franchising. Its members come from all areas of the franchising community and include franchisors, franchisees, banks, consultants, accountants, solicitors, media providers and exhibition organisers, many of whom could help your own due diligence process as you move closer to making a decision on your next career or business venture.

EWIF offers a range of free services to women who are considering becoming franchisees, as well as women business owners looking to franchise their business. With regular meetings, it is also a great way for you to meet franchisors that currently have an under-representation of women in their networks.

Franchising is a great, lower risk option to setting up in business. I personally know many women who through their drive and determination - while juggling children and family commitments - have made a huge success of franchised business ownership. The additional support, structure and systems from a franchisor make taking the leap a little less daunting. However, you’ll still need to whittle down your choice of business from the 800-plus franchise systems available in the UK.